Agenda item

A Member asked if the City Corporation’s position on the minimum receipt from London Wall West was still in effect.

In reply, the Chairman said that the minimum possible figure had been agreed some time ago. He reminded Members of the City Corporation’s fiduciary responsibilities, which should remain the Finance Committee’s paramount concern on this subject, and the obligation to maximise the return from a site held in City Fund.

Several Members noted that the City Corporation was obligated to get the best value from the site, with value incorporating meanings beyond financial, such as social or cultural. The consideration of the offers received by the City Corporation would have to balance these various forms.

The City Surveyor said that the City Corporation was pursuing planning permission and wanted to achieve best value from the site. Bids would be invited once this was obtained. The importance of the return from the site needed to be recognised as it would provide a significant part of the funds for the City Corporation’s various projects.

Asking a separate question, a Member noted they had received more emails regarding the condition of the Golden Lane Estate Leisure Centre than on any other topic during their time on the Court. They asked if there was any progress that could be made by applying for CIL money. In reply, the Chairman said that officers were exploring the options here, noting that there were restrictions on what CIL money could be used for.